If so, how to mitigate the risk of damages and the smell of the animal?

You have to get back in the saddle and arm yourself with enough information to be a little dangerous.

You'll want to know the dangers of how most brokers inaccurately complete 7c, how the transition of money works when there is buyer's remorse and the broker hasn't yet delivered the funds, the RP disclosure, the mineral/gas/oil rights disclosure...You may want two contracts--one for buying, one for selling.

I know it's a dangerous place in general, but not everywhere, and likely to be a good opportunity?

I am very confident about the construction related details of completing a rehab project (cost estimating, scheduling of trades and work flow, etc.) and I would like to find a partner who is very familiar with the the other non-construction aspects (acquisition, financing, marketing to sell, etc.) in order to mitigate some of the risk of doing a flip on my own.

Bankruptcy allows honest debtors to get a fresh start when they can not pay off their debts.The attitude blaming all debtors is dangerous.

It sounded dangerous to me and really irresponsible. 

Holding them as a renting corporation will mainly mitigate tax liability not personal.With regards to limiting your personal mortgage liability, that just won't work.

I know that kind of talk can sound dangerous, so I'm hoping the wisdom and guidance here can help make it happen!

Too dangerous for a flip.